Miris (MIR) Q4 2025 earnings summary

Executive summary

• 2025 developed in line with expectations, with growing recurring revenues, improved results, and strengthened financial position through two share issues totaling SEK 25.3 million.

• Sales in Q4 were impacted by delivery timing, with SEK 1.2 million in orders recognized in Q1 2026 instead.

• The company is a global medtech player specializing in breast milk analysis for individualized nutrition in neonatal care, with installations in 54 countries.

Financial highlights

• Q4 2025 net sales: SEK 2,978k (Q4 2024: SEK 5,026k); full-year 2025: SEK 17,473k (2024: SEK 17,550k).

• Q4 result after tax: SEK -1,365k (Q4 2024: SEK -479k); full-year 2025: SEK -4,812k (2024: SEK -6,329k), a 24% improvement year-over-year.

• Earnings per share for 2025: SEK -0.018 (2024: SEK -0.066).

• Recurring revenues increased by 36% in Q4 and 13% for the year; service contracts grew 56% in Q4 and 45% for the year.

• Cash at year-end: SEK 8,148k (2024: SEK 124k); equity: SEK 20,127k (2024: SEK 2,737k).

Outlook and guidance

• The company maintains its profitability target for 2026, supported by a strong pipeline and increased recurring revenues.

• Strategic focus on expanding product range and recurring revenue base, with new consumables planned for launch.

• Ongoing investments in commercial initiatives and market expansion, enabled by strengthened liquidity.